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QUESTION
Based on the following data, what is the amount of quick assets?
Based on the following data, what is the amount of quick assets?
Accounts payable = $30,000
Accounts receivable = $65,000
Accrued liabilities = $7,000
Cash = $20,000
Intangible assets = $40,000
Inventory = $72,000
Long-term investments = $100,000
Long-term liabilities = $75,000
Marketable securities = $36,000
Notes payable (short-term) = $20,000
Property, plant, and equipment = $625,000
Prepaid expenses = $2,000
